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Do You Have Fatal Fiscal Attraction?

August 4, 2009

Posted by Roshawn Watson under Uncategorized

1 Comment

By: Roshawn Watson

Do financial opposites attract? There could be a real reason why you’re attracted to someone who spends a lot differently than you.

Once again, it appears the old adage holds true: opposites attract.

Image Credit: joaobambu

An interesting study was published last week by professors from the Wharton School of Finance and Northwestern University suggesting that people often select spouses who have different attitudes regarding spending. For example, people who consider themselves tightwads will partner with those who consider themselves spendthrifts. Perhaps, this attraction is about becoming what you are not: their dislike of their present attitude regarding money and desire to change. If you are tight with money but admire or envy those who are more carefree, marrying someone who spends more freely can bring some joy into your life, even if some of it is vicarious.

The Irony

Perhaps the biggest paradox is that most single people say that they would be happiest married to someone with similar spending habits. There is probably a good reason for this. Money is the number one reason why people get divorced in the US, so agreement on money is a very big deal. Nonetheless, there is sometimes a disconnect between the characteristics someone says would make an ideal mate and who they are genuinely attracted to.

Wait a second…. Are There Other Considerations????

Are there any covariates that would confound the interpretation of these results? For example, age could be a an important consideration. We don’t know whether the aforementioned relationship holds true for all age groups. Also, does being happy affect this attraction? Suppose you are a happy tightwad or a proud spender. If so, are you more happy with someone who is the same or different? That’s is potentially an important threat to the validity of this study. I would personally be extremely frustrated if I was married to someone who not only didn’t share my goals but consistently worked against them. I would submit to you that this scenario would upset countless others as well. In some cases, avoidance of conflicts with the tightwad leads the spender to even hide their purchases thereby allowing deceit to enter into the relationship. Although this can begin somewhat insidiously, it can potentially serious. Financial infidelity can precipitate divorce. Clearly, it is hard for two to walk together unless they agree (Amos 3:3)

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One Response to Do You Have Fatal Fiscal Attraction?

AnonymousDecember 22, 2009 at 1:34 am

It was very interesting for me to read the post. Thanks for it. I like such themes and anything connected to this matter. I would like to read more soon.